‘More people must be empowered on cryptocurrencies’

Predictions on the future of cryptocurrencies cannot be made yet, since the market is unpredictable.

So says bitcoin builder, educator, miner and ‘digital disruptor’ Nikolai Tjongarero.

“Bitcoin is an electronic cash system that was created to make sure anyone can pay anyone else around the world or right next to them without having to get permission from anyone else,” he says.

Tjongarero says Namibians should be educated on the benefits of using bitcoin.

“If we fail to realise the benefits bitcoin brings, we may risk entering murky waters, as is the case with ‘sango’ in the Central African Republic, as opposed to the opportunities bitcoin initiatives are bringing the youth in Kenya and other African countries where the public is using bitcoin more,” he says.

He says the benefits of cryptocurrency include being able to run a business without the risk of being robbed of cash, being able to operate without point-of-sale machines, and “earning enough bitcoin in a week to buy bread and milk” – if shops accept the currency.

Tjongarero says with emerging technology, it is crucial to ensure people do not fall victim to scams.

He calls bitcoin “freedom money”, since it doesn’t require the approval of any person or organisation to be able to use.

Bitcoin can bring about economic emancipation for Namibians, but more needs to be done to educate people on cryptocurrencies, he says.

Aminah Ndeulita says she is the founder of the first crypto exchange service in Namibia, called Ariel Crypto Trade.

“I can confidently say Namibians are increasingly warming up to cryptocurrencies. Over the past few years, we’ve seen a significant uptick in interest and adoption.

“In the earlier years Namibians only understood that crypto was a form of investment, which was considered a risky investment.

“However, more Namibians are getting to understand that crypto is also currency and can be used to make payments locally and internationally,” she says.

Ndeulita, who has been using cryptocurrency since 2018, says she has seen the demand from locals in sending and receiving money internationally through cryptocurrencies, such as the USDT (tether), which is a stable cryptocurrency pegged to the United States dollar.

“Funds are processed within 10 to 30 minutes regardless of the geographical location of the receiver.

I have founded a social media [account] where we educate interested people about cryptocurrency,” she says.

The Virtual Assets Act 10 of 2023 has played an important role in the adoption of cryptocurrency in Namibia.

The government’s move to regulate cryptocurrencies in Namibia is developing a safer environment for crypto activity, encouraging more people to participate, she says.

In 2022, The Namibian reported that Namibia acquired its first bitcoin-automated teller machines through Crypto Kiosk Investment.